Introducing FloodFlash - an insurance solution for flood risk areas
February 11, 2020
Oxfordshire is one of the many counties that has flood-risk areas, which can make obtaining insurance for either residential or commercial properties difficult.
But there’s a new solution available for businesses located in flood zones.
We’re proud to announce our partnership with FloodFlash – an innovative new flood insurance provider.
FloodFlash is an event-based flood insurance product available to businesses and landlords across Britain. This development means that insurance will be available to provide cover for businesses and landlords in locations that otherwise struggle to secure affordable policies due to their risk of flooding.
Facts at a glance:
- Extended periods of extreme winter rainfall are now 7x more likely (Met Office)
- UK summers were 20% wetter in the decade ending in 2017 compared to the 1961-1990 average (Met Office)
- Annual losses due to flooding in the UK are estimated at £500m (JBA)
- 52 per cent of small businesses on floodplains don’t have any form of flood insurance, facing a risk that could prove ruinous (FSB)
- To date FloodFlash have issued cover worth over £10m for some of the most at-risk commercial property in the UK
How FloodFlash works
Each FloodFlash policy is based on a mobile-connected sensor installed outside the insured property. When the sensors detect flooding, they send the data to FloodFlash HQ and the payout is arranged. Unlike traditional insurers, they don`t use loss adjustors to assess damage, meaning you get paid the fixed amount on your policy without any large delays. These rapid payouts mean business owners and landlords can begin their recovery quicker.
Three steps to FloodFlash cover
- Choose: you choose up to five trigger depths and the payouts you receive when a flood reaches each depth.
- Install: FloodFlash send an engineer to install their mobile-connected sensor.
- Claim: as soon as the sensor records a flood at the agreed depth, they arrange the payment.
FloodFlash offer quotes to commercial properties, even if they have flooded before. In addition, their rapid-payout system mean that you receive the full pay-out within 7-days of the flood.
Whether you struggle to get cover, have a large excess or just want a top-up to your existing policy – there are plenty of reasons to talk to FOCUS about FloodFlash for your business or commercial property.
Founded in 2017, FloodFlash is an insurance technology company offering a brand new type of flood cover to commercial property owners. Their data and smart sensor approach removes the uncertainty, cost and time of traditional insurance. As a result they can offer affordable quotes in areas of increased risk where traditional insurers can only compete with inflated premiums or large excesses. FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.